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Sberbank, Tekhnopromexport and Invest AD sign agreement of intent

December 17, 2013, 0:05 UTC+3 MOSCOW
1 pages in this article

MOSCOW, December 16, (ITAR-TASS). Russia’s savings bank Sberbank, Tekhnopromexport (part of the State Corporation Russian Technologies) and the Abu Dhabi Investment Company (Invest AD) signed a three-party agreement of intent to begin cooperation in North Africa and the Middle East.

Sberbank and the Invest AD will organise the funding of promising Tekhnopromexport projects in the construction of energy facilities and oil and gas sector and infrastructure projects.

The cooperation agreement was signed in Abu Dhabi (UAE) during the annual summit of the St. Petersburg International Economic Forum and the Federation of Chambers of Commerce of the United Arab Emirates, Sberbank said.

Alexander Dementyev, Head of the Financial Institutions Division of Sberbank, said: “The State Corporation Russian Technologies and Technopromexport are the largest customers of Sberbank. Within the Bank’s international development strategy for 2018 we set a task for ourselves to be able to provide our customers with the services they demand anywhere in the world. Our strategic partnership with the Invest AD will contribute to the implementation of these plans in this important region.”

Sergei Topor-Gilka, General Director of Technopromexport, noted: “Being able to attract project financing creates additional benefits for the general contractor when implementing projects in electricity, the oil and gas sector and infrastructure. The partnership between the companies will contribute to more effective work in traditional markets for Tekhnopromexport and allow it to create more competitive offers to its potential customers.”

“Invest AD is proud to a advise and support Sberbank's strategic clients like Technopromexport part of state holding Russian Technologies. Our goal is to enable Sberbank’s blue chip customers to establish a meaningful presence in the United Arab Emirates to cover the Middle East and Africa,” Nazem Al Kudsi, Chief Executive Officer of the Abu Dhabi Investment Company, said.

Sberbank of Russia is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50 percent of the Bank's authorized capital plus one voting share, with the remaining 50 percent held by domestic and international investors. Sberbank has more than 110 million individual customers and 1 million corporate clients in 20 countries. Sberbank has the largest distribution network in Russia with more than 18,000 branches, and its international operations include Great Britain, the United States, the Commonwealth of Independent States, Central and Eastern Europe, Turkey and other countries.

Technopromexport is a Russian engineering company established in 1955. The company carries out the construction and reconstruction of power projects on a turn-key basis - thermal power plants, hydroelectric power plants, power plants working on the basis of renewed energy sources, transmission lines and substations, and also the manufacture and realisation of electric and thermal energy. Technopromexport has implemented more than 400 projects in 50 countries around the world, including 12 in Russia. The total installed capacity of power put into operation exceeds 90 GW. The company has its own network of offices in 9 countries. It is a part of the holding of the State Corporation Rostec PROMINVEST.

The Abu Dhabi Investment Company (Invest AD) is a State Joint-Stock Company, part of the sovereign fund of Abu Dhabi. Its main business includes investment and asset management of the sovereign fund, investment and banking services to clients in M&A transactions, capital raising for clients in global debt and equity markets, infrastructure projects, real estate investment, Islamic finance.

Russian state corporation Rostechnologii (Rostec) is a Russian corporation established in 2007 to promote development, production and the export of hi-tech industrial products for civil and defence sectors. It brings together 663 entities which form eight holding companies in the defence-industry sector and five in civil sectors. Rostec’s organisations are located in 60 constituents of the Russian Federation and supply goods to over 70 countries worldwide. The revenue of the company in 2012 amounted to 931 billion roubles, net profit 38.5 billion roubles.

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